Are Theft Losses Deductible In 2025 . Are Theft Losses Deductible In 2025 Yoshi Marcella 88-272) placed a $100-per-event floor on the deduction, corresponding to the $100 deductible provision common in property insurance coverage at that time. The theft loss is deductible in 2024 for Taxpayers 1, 2, and 3 because they incurred the loss in a transaction entered into for profit under § 165(c)(2)
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As personal casualty losses are generally disallowed under § 165(h)(5) for 2018 through 2025 (absent personal casualty gains or a federally declared disaster), Taxpayers 4. For tax years 2018 through 2025, you can only deduct casualty and theft losses that are attributable to a federally declared disaster
PPT Liberty Tax Service Online Basic Tax Course. Lesson 13 PowerPoint Presentation ID The amount of the theft loss allowable under § 165(b) is the victims' basis in the stolen funds To qualify, the loss must exceed the 10% adjusted gross income (AGI) threshold and is also subject to a $100 reduction per event Losses must be itemized to be deductible, although qualified disaster losses are an exception
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